Dear All,
with Bitcoin rallying we should ask ourselves the question what to do if BTC reaches certain milestones, like 20K, 50K, etc. For how long do you want to hold (all of) it?
One way of course is to ignore such considerations at all, and HODL for the rest of your life (or until moon - or death, whatever comes first). If you are in favor of this opinion, you might skip the rest of this post.
But I don´t want to repeat my mistakes from the previous sharp fall in Jan 2018, when BTC dropped 50% within 2 weeks. I HODLed my coins all the way down and missed tons of opportunities of selling high and rebuying lower - of course in hindsight we are all smarter.
But there likely will be some pullbacks, even if on the long run the direction is only up. Question is how to make best usage of the rollercoaster ride? Are you brave enough to sell, or is FOMO prevailing?
The below graph cannot be overestimated in its importance and relevance, also for us Crypto-Hodlers:
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When in 2018 BTC went down from it´s all-time high, I also followed pretty much these phases, like disbelief, denial, etc and I waited until 12900 before I sold some in panic (just a minor position), but kept the rest. Later on I grabbed some at a decent price of around 8000 on average, so all went well, but I don´t want to do the ride down again!
So maybe it would be wise to set upfront some targets for automatic selling a part of ones BTC holding, like 5 or 10% at 20K? I am really thinking about selling 5% at 20K, but not sure yet.
Unfortunately we do not know upfront, in which phase we are right now. Are we already in euphoria? Some for sure are 😄.
Some wise men said, when even the delivery boy next door is talking about Bitcoin (OK they didn´t know BTC back then but with stocks it is probably the same) - then it is time to pull the plug. Or in other words: "Be fearful when others are greedy" (quote from Waren Buffet). And greed is right now, what happens with Bitcoin, right?
So be careful and have a preparation to partially let go in case things turn south!
What is your strategy? Please let us know!
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Previous posts on Bitcoin:
How many Bitcoin do you own?